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© Wärtsilä Corporation Result presentation Q3 2026 Håkan Agnevall, President & CEO Arjen Berends, CFO 27 October 2026 1
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© 2 Increased profitability and continued strong order intake momentum ▪ Order intake increased by 33% to 2,368 MEUR ▪ Service order intake increased by 11% to 950 MEUR ▪ All-time high order book of 9,876 MEUR ▪ Service 12m rolling book-to-bill ratio above one at 1.10 ▪ Net sales increased by 7% to 1,493 MEUR ▪ Comparable operating result increased by 19% to 212 MEUR ▪ 14.2% of net sales ▪ Operating result increased by 4% to 222 MEUR ▪ 14.9% of net sales ▪ Cash flow from operating activities amounted to 583 MEUR ▪ Return on capital employed (ROCE) was 94%
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© 3 MEUR 7–9/2026 7–9/2025 CHANGE 1–9/2026 1–9/2025 CHANGE Order intake 2,368 1,779 33% 7,302 5,790 26% of which services 950 854 11% 2,799 2,765 1% of which equipment 1,418 925 53% 4,503 3,026 49% Order book 9,876 8,064 22% of which current year deliveries 1,642 1,570 Net sales 1,493 1,397 7% 4,497 4,424 2% of which services 802 815 -2% 2,444 2,595 -6% of which equipment 691 582 19% 2,054 1,829 12% Book-to-bill 1.59 1.27 1.62 1.31 Comparable operating result 212 179 19% 623 558 12% % of net sales 14.2 12.8 13.9 12.6 Operating result 222 214 4% 621 568 9% % of net sales 14.9 15.3 13.8 12.8 Good development in key figures Following the classification of Energy Storage as assets held for sale and discontinued operations in June 2026 and its discontinuation as a reportable segment, comparative financial information for 2025 and H1 2026 has been restated.
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© Marine: Market sentiment remains supportive in Wärtsilä’s key segments Shipping markets remained resilient despite macroeconomic headwinds caused by the Middle East conflict 4 • The number of vessels ordered in the review period increased to 2,552 (1,200 in the corresponding period in 2025, excluding late reporting of contracts). • The Middle East conflict has lengthened shipping routes, supporting demand and improved earnings. • Market sentiment remained supportive and ordering appetite continued to be on a good level in Wärtsilä’s key segments. Contracting in these segments is expected to remain well above the 10-year average level. • The service market remained active, and overall vessel utilisation stayed at a good level. Increased fuel prices reduced short-term service spending in some segments, while higher shipping rates led to the postponement of some service activities. • In January-September, 446 orders for new alternative fuel capable ships were reported, accounting for 17% (22) of all contracted vessels and 30% (48) of the capacity of contracted vessels. Source: Clarksons Research, as per 5th of October 2026 (+2,000 DWT/GT, including offshore ship-shaped units.) Wärtsilä key segments include LNG carriers, LPG carriers, cruise & ferry, offshore, and special vessels. Historical figures in graphs are on rolling 12-month basis and are subject to change due to late reporting of contracts. The impact is most significant for the latest quarters; therefore, data from the last two quarters is not included. Forecasts are from September 2026.
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© 5 Energy: Increased demand drives energy transition investments Electricity demand growth and future projections have increased substantially, creating market opportunities for equipment providers ▪ Two key themes have stood out in recent energy-related macroeconomic development: load growth and increased tariff- related uncertainty. The diverse set of load growth drivers includes electrification of industry, transportation, cooling and heating as well as data centres – all undergoing structural growth ▪ In engine power plants, market demand for equipment has been strong. The baseload segment remains a consistent source of demand for thermal power while the drivers for balancing demand are also expected to continue to develop favourably. ▪ Renewable energy investment continues to shape energy markets, with investment outside China at record levels in H1 2026. ▪ Wärtsilä continues to see strong demand from data centres globally, with a dynamic pipeline of opportunities. The resulting growth in the installed base also supports significant lifecycle service potential beyond 2030. Sources: IEA Global Energy Review 2025, Electricity 2025, Electricity 2026, and Renewables 2024 (IEA: International Energy Agency), BNEF Renewable Energy Investment Tracker 2H2026
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© MEUR MEUR, 12m rolling 874 854 950 Service order intake Service order intake, 12m rolling 3,746 MEUR Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,0006 Organic order intake increased by 41% Order intake increased by 33% • Marine order intake remained stable • Energy order intake increased by 121% Equipment order intake increased by 53%. The organic equipment order intake growth was 66% Service order intake increased by 11%. The organic service order intake growth was 13% Equipment Services MEUR MEUR, 12m rolling 929 925 1,418 Equipment order intake Equipment order intake, 12m rolling 5,412 MEUR Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 1,000 2,000 3,000 4,000 5,000 6,000 Organic growth excluding FX impact and the impact of acquisitions and divestments. Figures for periods prior to 2025 have not been restated to reflect the classification of Energy Storage as assets held for sale and discontinued operations.
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© MEUR Order book 30.9.2024Order book 30.9.2025Order book 30.9.2026 Delivery current yearDelivery current year +1Later deliveries 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 MEUR Marine Energy Energy Storage Portfolio Business Book-to-bill, 12m rolling 1.46 Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25Q1/26Q2/26Q3/26 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Strong order book development, rolling book-to-bill continues well above 1 7 Order book by business The data presented in this chart reflects the latest published financial information available for each reporting period. Due to changes in Wärtsilä’s organisational and reporting structure over time, certain historical figures have been restated. Consequently, not all figures presented are fully comparable across the periods shown. Order book delivery schedule Order book at an all-time high driven by Energy Note: Order book adjusted to exclude Energy Storage
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© Existing order book will generate sales that are distributed further into the future 8 MEUR Order book 30.9.2024Order book 30.9.2025 Order book 30.9.2026 Delivery current year Delivery current year +1 Later deliveries 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 MEUR Order book 30.9.2024Order book 30.9.2025 Order book 30.9.2026 Delivery current year Delivery current year +1 Later deliveries 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 Marine Energy Distribution in time of the deliveries of the existing order backlogs, MEUR
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© 9 Organic net sales increased by 16% Net sales increased by 7% • Marine net sales increased by 5% • Energy net sales increased by 52% Equipment net sales increased by 19%. The organic equipment net sales growth was 39% Service net sales remained stable. Also, the organic service net sales remained stable MEUR MEUR, 12m rolling807 815 802 Service net sales Service net sales, 12m rolling 3,401 MEUR Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 150 300 450 600 750 900 1,050 1,200 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Equipment Services MEUR MEUR, 12m rolling 911 582 691 Equipment net sales Equipment net sales, 12m rolling 2,891 MEUR Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 150 300 450 600 750 900 1,050 1,200 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Organic growth excluding FX impact and the impact of acquisitions and divestments. Figures for periods prior to 2025 have not been restated to reflect the classification of Energy Storage as assets held for sale and discontinued operations.
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© 10 Profitability continued to improve Net sales increased by 7% Comparable operating result increased by 19% Comparable operating margin 12m rolling at 13.8% (12.2) Net sales Comparable operating result MEUR %, 12m rolling177 179 212 Comparable operating result Comparable operating margin, 12m rolling 13.8% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 50 100 150 200 250 300 0% 2% 4% 6% 8% 10% 12% 14% 16% MEUR MEUR, 12m rolling1,718 1,397 1,493 Net sales Net sales, 12m rolling 6,292 MEURQ3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 300 600 900 1,200 1,500 1,800 2,100 2,400 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Figures for periods prior to 2025 have not been restated to reflect the classification of Energy Storage as assets held for sale and discontinued operations.
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© 11 Technology and partnership highlights Wärtsilä to deliver engines for Australia's largest-ever engine power plant to support the country's energy transition • Flexible and highly efficient Wärtsilä 46TS engines to be supplied for Australia’s largest-ever reciprocating engine power plant. • The 300 MW plant will provide critical grid balancing and system security in Australia. • The fast-starting flexible capacity provided by the Wärtsilä engines will enable greater integration of renewable energy into the power system. • The order was booked by Wärtsilä in Q3 2026. Enabling industry decarbonisation Wärtsilä to integrate and optimise Aruba's generating assets for reliable and sustainable energy • Wärtsilä has signed an agreement with Water- en Energiebedrijf Aruba (WEB Aruba), the Caribbean island’s energy provider, to advance decarbonised operations through the integration, optimisation, and control of Aruba’s power generation assets. • The comprehensive solution includes engineering, procurement and construction work as well as a services agreement. • The order was booked by Wärtsilä in Q3 2026 while the final taking over is scheduled for Q2 2028.
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© Marine 12
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© 108 111 Q3/25 Q3/26 MEUR %, 12m rolling 77 108 111 Q3/24Q1/25Q3/25Q1/26Q3/26 0 20 40 60 80 100 120 140 160 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Net sales MEUR MEUR, 12m rolling 739 870 913 Q3/24Q1/25Q3/25Q1/26Q3/26 0 300 600 900 1,200 0 1,000 2,000 3,000 4,000 Order intake MEUR MEUR, 12m rolling 902 970 947 Q3/24Q1/25Q3/25Q1/26Q3/26 0 500 1,000 1,500 2,000 0 1,000 2,000 3,000 4,000 5,000 Marine: Comparable operating result increased 13 Comparable operating result Comparable operating result MEUR + Better operating leverage + Higher equipment sales + Better joint venture results - Increased R&D costs -2% +5% Equipment order intake declined due to periodisation of orders, while service order intake remained stable The data presented in this chart reflects the latest published financial information available for each reporting period. Due to changes in Wärtsilä’s organisational and reporting structure over time, certain historical figures have been restated. Consequently, not all figures presented are fully comparable across the periods shown. 13.0%
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© 12m rolling book-to-bill Spare parts Field services Service agreements Retrofits and upgrades Service, total Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 0.60 0.80 1.00 1.20 1.40 1.60 MEUR Spare parts Field services Service agreements Retrofits and upgrades Net sales, 12m rolling Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 0 100 200 300 400 500 600 700 0 400 800 1,200 1,600 2,000 2,400 2,80014 Marine service, Net sales Marine service, Book-to-bill 2023 data restated to reflect the redefined organisational structure as of 1 Jan 2024. Figures prior to 2023 are not fully comparable due to organisational changes. Overall Marine service book-to-bill above 1 Marine service order book increased by 10% compared to Q3/2025 +6% CAGR
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© Energy 15
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© MEUR %, 12m rolling 74 61 101 Q3/24Q1/25Q3/25Q1/26Q3/26 0 20 40 60 80 100 120 140 160 180 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 61 101 Q3/25 Q3/26 Net sales Order intake Energy: Order intake, net sales and comparable operating result all increased 16 Comparable operating result Comparable operating result MEUR + Better operating leverage + Higher equipment sales + Solid project execution As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figures have been restated to reflect the segment structure. MEUR MEUR, 12m rolling 543 382 579 Q3/24Q1/25Q3/25Q1/26Q3/26 0 300 600 900 1,200 0 1,000 2,000 3,000 4,000 MEUR MEUR, 12m rolling 500 644 1,421 Q3/24Q1/25Q3/25Q1/26Q3/26 0 500 1,000 1,500 2,000 0 1,000 2,000 3,000 4,000 5,000 6,000 +121% +52% Equipment order intake increased supported by strong demand from data centre and balancing applications 16.0%
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© 12m rolling book-to-bill Spare parts Field services Service agreements Retrofits and upgrades Service, total Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 1.00 1.50 2.00 2.50 MEUR Spare parts Field services Service agreements Retrofits and upgrades Net sales, 12m rolling Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Q1/26 Q3/26 0 50 100 150 200 250 300 350 400 0 200 400 600 800 1,000 1,200 1,400 1,600 1,80017 Energy service, Net sales Energy service, Book-to-bill As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figures have been restated to reflect the segment structure. Overall Energy service book-to-bill above 1 Energy service order book increased by 28% compared to Q3/2025 +4% CAGR
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© MEUR 179 3 40 -10 212 Comparable operating result Q3/25 Marine Energy Portfolio BusinessComparable operating result Q3/26 0 25 50 75 100 125 150 175 200 225 25018 The comparable operating result improved Comparable operating result increased by 19% 12.8% 12.1% (12.4) 17.5% (15.9) 14.2%
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© Other key financials 19
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© Working capital remains at an exceptionally low level 20 MEUR 7–9/2026 7–9/2025 1–9/2026 1–9/2025 Cash flow from operating activities 583 340 1,087 946 Working capital -1,649 -1,091 Net interest-bearing debt -2,165 -1,415 EBITDA 262 253 733 706 Return on capital employed (ROCE), %* 94.1 51.1 Gearing -0.81 -0.53 Solvency, % 39.4 39.3 Earnings per share (EPS), basic and diluted, EUR 0.21 0.31 0.70 0.75 Earnings per share (EPS), basic and diluted, continuing operations, EUR 0.28 0.29 0.78 0.73 *Last 12 months.
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© MEUR -501 -1091 -1,649 Working Capital Avg. Working capital/Net sales rolling 12m Avg. Working capital/Net sales rolling 12m, 5-year average Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25Q1/26Q2/26Q3/26 -2,200 -2,000 -1,800 -1,600 -1,400 -1,200 -1,000 -800 -600 -400 -200 0 200 400 -22.0% -20.0% -18.0% -16.0% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% MEUR MEUR, 12m rolling 296 340 583 Cash flow from operating activities Cash flow from operating activities, 12m rolling 1,739 MEUR Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25Q1/26Q2/26Q3/26 0 100 200 300 400 500 600 700 800 900 1,000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Cash flow from operating activities increased 21 Cash flow from operating activities Working capital to net sales ratio Average working capital is calculated by taking the average of the period's starting value and ending value.
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© 22 MEUR Net sales (Organic LTM growth +14%) Operating result, % of net sales LTM Q1/25 LTM Q3/25 LTM Q1/26 LTM Q3/26 3,000 4,000 5,000 6,000 7,000 10.0% 12.0% 14.0% 16.0% Marine and Energy combined operating margin target has been reached Marine and Energy combined Net sales and operating margin %, LTM 14.2% 14% Dividend per share, extraordinary, EUR Group Dividend distribution 73% 52% 100% Dividend per share, regular, EUR% of EPS 2022* 2023 2024 2025 0.00 0.50 1.00 1.50 0% 50% 100% 150% -0.34 -0.45 -0.53 -0.70-0.65 -0.68 -0.81 Gearing Q1/25Q2/25Q3/25Q4/25Q1/26Q2/26Q3/26 -1.00 -0.80 -0.60 -0.40 -0.20 0.00 Group Gearing *In 2022, dividend was paid despite negative EPS Financial targets Marine and Energy combined • 5% annual organic growth • 14% operating margin Group • Gearing below 0.5 • Distribute a dividend of at least 50% of earnings The current Wärtsilä financial targets were announced in March 2025. Following the discontinuation of Energy Storage as a reporting segment on 1 June 2026, the financial targets previously set for Energy Storage no longer apply.
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© 23 Outlook Marine Wärtsilä expects the demand environment for the next 12 months (Q4/2026-Q3/2027) to be similar to that of the comparison period. Energy Wärtsilä expects the demand environment for the next 12 months (Q4/2026-Q3/2027) to be similar to that of the comparison period. Following high order intake quarters, the outlook reflects a continued strong demand environment, especially in Energy.
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© 24 Q&A
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© 25 Wärtsilä Capital Markets Day Date: 3 November 2026 Time: 14:00-17:30 EET Place: In Helsinki, Finland and via live webcast The event will be hosted by President and CEO Håkan Agnevall, together with members of Wärtsilä’s Board of Management. The Capital Markets Day will be followed by a site visit to Wärtsilä’s Sustainable Technology Hub in Vaasa, Finland, on 4 November 2026.
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© 26 Appendix
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© 40% 60% Services Equipment 40% 60% 0% Marine Energy Portfolio Business Order intake by business Order intake 27 Third quarter development Order intake by business type (48) (52) (55) (36) (9)
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© 54% 46% Services Equipment Net sales 28 Third quarter development 61% 39% 0% Marine Energy Portfolio Business Net sales by business Net sales by business type (58) (42) (62) (27) (10)
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© 12% 2% 7% 8% 71% 26% 15% 8%8% 44% Third quarter order intake development by business type 29 Marine MEUR 947 (970) Energy MEUR 1,421 (644) (23) (14) (12)(6) (45) (20) (2) (4) (19) (54) Spare parts Field services Service agreements Retrofits and upgrades Equipment Order intake growth, % 7-9/2026 reported change 7-9/2026 organic change Group order intake 33% 41% of which services 11% 13% of which equipment 53% 66% Marine order intake -2% -3% of which services 0% -1% of which equipment -5% -6% Energy order intake 121% 118% of which services 39% 39% of which equipment 190% 186% Marine and Energy combined order intake 47% 45% of which services 14% 13% of which equipment 82% 79% Organic growth excluding FX impact and the impact of acquisitions and divestments
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© 26% 15% 9%6% 44% 25% 4% 18% 3% 49% Third quarter net sales development by business type 30 Marine MEUR 913 (870) Energy MEUR 579 (382) (41) (27) (14) (9) (8) (32) (7) (26) (11) (25) Spare parts Field services Service agreements Retrofits and upgrades Equipment Net sales growth, % 7-9/2026 reported change 7-9/2026 organic change Group net sales 7% 16% of which services -2% 0% of which equipment 19% 39% Marine net sales 5% 4% of which services -1% -2% of which equipment 13% 12% Energy net sales 52% 51% of which services 3% 3% of which equipment 195% 192% Marine and Energy combined net sales 19% 18% of which services 1% 0% of which equipment 52% 51% Organic growth excluding FX impact and the impact of acquisitions and divestments
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© January–September order intake by customer segment 31 Marine Gas carriers Cruise & ferry Offshore Navy Special vessels Merchant Other Equipment 8% (7) 26% (34) 10% (7) 11% (13) 6% (5) 36% (30) 3% (4) Services 12% (12) 22% (25) 18% (15) 12% (9) 10% (11) 25% (26) 1% (1) Total 10% (10) 24% (29) 15% (12) 11% (10) 8% (9) 30% (28) 2% (2) Energy Utilities Independent Power Producers Industrials Equipment 32% (35) 55% (37) 13% (28) Services 44% (47) 30% (23) 26% (29) Total 35% (40) 48% (31) 16% (28) During Q3, Wärtsilä updated the Energy customer classification to better reflect customer type.
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© January–September orders received for Energy equipment globally 32 IPP’s (Independent Power Producers) Utilities Industrials Equipment order intake 1–9/2026: MEUR 2,998 (1,258) Others Americas 2,619 (931) Africa and Middle East 137 (315) Asia 243 (7) Europe 0 (5)